APPENDIX: DETAILS ON ESG
ABOUT THE SUSTAINABILITY REPORTING
The sustainability information in this annual report includes the chapter on sustainability in Selvaag Bolig, details in this appendix, as well as information on sustainability in other parts of the annual report.
BASIS FOR PREPARATION (VSME B1)
The report focuses on material topics for the company, follows the VSME basic module and the company has also chosen to add some modules from the VSME detailed module (C1, C2, C3, C4, C5 and C9). The focus of the reporting is on topics that have been identified as material through a double materiality assessment.
The report has been prepared on a group basis, and includes all business areas in Selvaag Bolig ASA with subsidiaries and associated companies. This corresponds to the areas covered by the financial reporting.
The reporting has been done to the best of the company’s ability. Some indicators are difficult to calculate and have been estimated based on available data.
Selvaag Bolig is listed on the Oslo Stock Exchange and has NACE sector classification code 68.120 Development and sale of construction projects. For financial figures, see the annual accounts.
In 2023, Selvaag Bolig reported climate data to the Carbon Disclosure Project (CDP) for the first time and achieved a score of B-, which is in line with the European sector average that has been measured.
Subsidiaries in the Selvaag Bolig ASA group
Selvaag Bolig has a number of subsidiaries in Norway. An overview of subsidiaries is available in the Brønnøysund Register Centre and at www.proff.no.
In Sweden, the company has the following subsidiaries:
• Selvaag Pluss Service AB
• Selvaag Bostad AB
• Selvaag Bostad Entreprenad AB
• Selvaag Bostad Holding AB
• Selvaag Bostad Holding 2 AB
• Selvaag Bostad Fastighet 1 AB
• Selvaag Bostad Fastighet 2 AB
• Selvaag Bostad Fastighet 3 AB
• Selvaag Bostad Fastighet 4 AB
• Selvaag Bostad Fastigheter 21 AB
• Selvaag Bostad Fastigheter 22 AB
• Selvaag Bostad Fastigheter 23 AB
All Swedish subsidiaries have a business address at Kungsholmstorg 16 4tr, 112 21 Stockholm.
Geographic location
Selvaag Bolig has its headquarters in Oslo, at Silurveien 2. In addition, the company has regional offices in Bergen, Tønsberg, Follo and Stockholm.
Office locations
| Office | Address | Country | Ownership |
|---|---|---|---|
| Headquarters | Silurveien 2, 0380 Oslo | Norway | Rented |
| Office Follo | Kveldroveien 19, 1407 Vinterbro | Norway | Rented |
| Office Tønsberg | Rambergveien 10, 3115 Tønsberg | Norway | Rented |
| Office Bergen | Inger Bang Lunds vei 12, 5059 Bergen | Norway | Rented |
| Office Stockholm | Kungsholmstorg 16, 112 21 Stockholm | Sweden | Rented |
Projects under construction in 2025
| Project | Address | Country |
|---|---|---|
| Lille Løren Park | Sinsenveien 45-49, 0585 Oslo | Norway |
| Mathildetunet | Rådmann Paulsens gate, 1473 Lørenskog | Norway |
| Puddertoppen | Ødegårds vei, 1470 Lørenskog | Norway |
| Snøbyen Pluss | Ødegårds vei 48, 1470 Lørenskog | Norway |
| Landåstoppen | Folagrenda, 1384 Asker | Norway |
| Ballerud Hageby | Johs Faales vei, 1363 Høvik | Norway |
| Langhus 1405 | Teglverksfaret 5, 1405 Langhus | Norway |
| Solbergskogen Pluss | Myrfaret 1, 1406 Ski | Norway |
| Sandsliåsen Hageby | Sandsliåsen 59, 5254 Sandsli | Norway |
| Sandsliåsen Park | Sandsliåsen 55, 5254 Sandsli | Norway |
| Solheimsvatnet Pluss | Kanalveien 48, 5068 Bergen | Norway |
| Kanaltunet | Lervigbrygga, 4014 Stavanger | Norway |
In addition, the company has a land bank, where most of the plots are held by Urban Properties or by partners. See the appendix of the quarterly presentation for Q4 2025 at www.selvaagboligasa.no for more information about the land bank and geographical location.
PRACTICES, POLICIES AND FUTURE INITIATIVES FOR TRANSITIONING TOWARDS A MORE SUSTAINABLE ECONOMY (VSME B2, C2)
The EVP marketing, strategy and sustainability has the ultimate responsibility for sustainability.
| Topic | Have you implemented sustainability routines/policies/future initiatives that address any of the following sustainability issues? |
|---|---|
| Climate change | Yes. See the chapter Climate and Environment (E) |
| Pollution | Yes. See Air, water and soil pollution (B4) |
| Water and marine resources | Yes. See Water (B6) |
| Biodiversity and ecosystems | Yes. See Biodiversity (B5) |
| Circular economy | Yes. See Resource use, circular economy and waste management (B7) |
| Own workforce | Yes. See Workforce (B8, B9, B10, C5, C9) |
| Workers in the value chain | Yes. See Safe construction sites and Due diligence assessments and human rights |
| Affected local communities | Yes. See Inclusive local communities |
| Consumers and end users | Yes. See Customer satisfaction |
| Good business conduct | Yes. See Business conduct and ethics in own operations (B11) and Business conduct and ethics in the supply chain |
Quality management in construction projects
Selvaag Bolig has an environmental management tool, including an ESG checklist with relevant KPIs and targets. This is to ensure that all relevant ESG factors are addressed in project development and that the company achieves its communicated goals.
The ESG checklist covers the following topics:
- Climate and environment
- Greenhouse gas emissions
- Climate risk
- Material use
- Loss of biodiversity
- Waste and population
- Energy-efficient buildings
- Social factors
- Health and safety on construction sites
- Social dumping
- Human rights in the supply chain
- Governance factors
- Ethics in the supply chain
- Ethics in the own organisation
E: ENVIRONMENT
Energy (VSME B3)
Total energy consumption in Selvaag Bolig's offices and showrooms is estimated at 290 MWh. This includes electricity for offices, showrooms, common facilities, heating, ventilation and cooling, and is calculated based on Selvaag Bolig's consumption at its headquarters at Silurveien 2.
Greenhouse gas emissions 2025 (VSME B3)
This report shows estimated greenhouse gas emissions (GHG emissions) from Selvaag Bolig's operations. Reported quantities have been converted to CO2 equivalents in accordance with TEK17 and the Greenhouse Gas Protocol (GHG protocol) standard.
Selvaag Bolig no longer has direct emissions (Scope 1), as the company no longer owns premises or company cars with direct emissions. The company's emissions in Scope 2 include emissions from energy use in offices, showrooms and electric company cars. The emissions are estimated at 0.02 per cent of total emissions for 2025, and are therefore insignificant.
The Scope 3 greenhouse gas accounts include estimates for all residential buildings completed in 2025. As a different number of homes are completed each year, the total emissions may vary significantly from year to year. Selvaag Bolig therefore also reports emissions per gross floor area (GFA), which better reflects the company's efforts to reduce greenhouse gas emissions.
Construction projects 2025
The greenhouse gas accounts from the construction sites are calculated by the contractor and follow the requirements set out in the Building Technical Regulations (TEK17) section 17-1. According to the regulations, greenhouse gas accounts for residential projects and commercial buildings must be kept in accordance with Norwegian Standard NS 3720:2018 and at least include the life cycle modules A1-A5, B2 and B4. The calculation period spans 50 years.
| Stage | NS category | Description |
|---|---|---|
| Product | A1 | Raw material supply |
| Product | A2 | Transport from production site |
| Product | A3 | Production |
| Implementation | A4 | Transport to construction site |
| Implementation | A5 | Waste generated on construction site |
| Use | B2 | Maintenance |
| Use | B4 | Replacement |
According to the requirements in TEK17 following the division in Norwegian Standard NS 3451:2022 Building Component Table and System Code Table for Buildings and Associated Outdoor Areas, the greenhouse gas inventory includes building elements 21-26.
Building component (NS 3451:2022) | Building element |
|---|---|
| 21 | Substructure and foundations |
| 22 | Structural systems |
| 23 | External walls |
| 24 | Internal walls |
| 25 | Floors |
| 26 | Roofs |
The TEK17 figures are presented to provide an overview of emissions in each phase of the construction projects. The production phase accounts for the majority of emissions, representing 83 per cent of emissions from construction projects in 2025.
| TOTAL 2025 | Emissions tCO2e | Share of construction site emissions % |
|---|---|---|
| Production (A1-A3) | 8 337 | 83% |
| Maintenance and replacement (B2 and B4) | 944 | 9% |
| Transport (A4) | 392 | 4% |
| Waste* (A5) | 371 | 4% |
| Total – Product and use stages (A1-A3, B2 & B4) | 9 281 | 92% |
| Total – Product, use and construction stages (A1-A5, B2, B4) | 10 045 | 100% |
* Emissions from offcuts and material waste may also be included in A1-A3 and A4 in accordance with TEK17.
GHG protocol key figures
Estimated emissions from completed construction projects in 2025 were 13 per cent higher per gross floor area (GFA) than in 2024. This was partly due to the completion of a refurbishment project in 2024, where reuse of the foundation and supporting systems resulted in lower emissions. In addition, more detailed data quality and improved systems have made it possible to include a greater number of minor emission sources, which in aggregate have slightly increased emissions from construction projects. Emissions per GFA over the building’s lifetime (50 years) have therefore also increased, from 3.6 kgCO2e/GFA to 4.0 kgCO2e/GFA.
Total emissions in 2025 were somewhat lower than in 2024, due to fewer residential units being completed.
| KEY FIGURES | UNIT | 2025 | 2024 |
|---|---|---|---|
| CategorY | |||
| Scope 1 | tCO2e | 0 | 1.3 |
| Scope 2 (loCATION-BASED) | tCO2e | 1.7 | 2.4 |
| Scope 2 (MARKET-BASED) | tCO2e | 154.7 | 167.5 |
| SCOPE 3 | tCO2e | 10 044.6 | 10 944.6 |
| Scope 1, 2 & 3 (loCATION-BASED) | tCO2e | 10 046.3 | 10 948.3 |
| GHG intensity VSME | tCO2e / Pro forma sales revenue NOK | 0.004 | 0.004 |
| KEY FIGURES CONSTRUCTION PROJECTS | UNIT | 2025 | 2024 |
| Total emissions from construction activity | kgCO2e | 10 044.6 | 10 901.3 |
| Emissions per GFA (total) | kgCO2e | 202 | 179 |
| Emissions per GFA total per year over a 50-year design life | kgCO2e | 4.0 | 3.6 |
Scope 1 and 2
Scope 1 emissions were reduced to zero in 2025, as the company no longer operates fossil fuel-powered company cars.
Scope 2 (location-based) amounts to 1.7 tCO2e and accounts for 0.02 per cent of the company's total emissions. Scope 2 includes emissions from electric company cars as well as energy consumption in offices and showrooms. Emissions are 30 per cent lower in 2025 compared to 2024, a decrease that is mainly due to the fact that Selvaag Bolig's headquarters at Silurveien 2 was reduced in size during 2024. Emissions from showrooms and smaller office facilities are calculated based on the area size and number of employees (FTE) at the various offices, using energy consumption per FTE at Silurveien 2 as a basis.
Scope 3
Reported Scope 3 includes the GHG categories purchased goods and services, upstream transport and distribution, waste and use of products sold.
Purchased goods and services include all emissions related to the extraction and production of materials used in Selvaag Bolig's construction projects (A1-A3 according to TEK17), as well as waste from construction sites (A5). For construction projects that are financially accounted for as "joint ventures", emissions are calculated according to Selvaag Bolig's ownership interest in the project. Purchased goods and services are by far Selvaag Bolig's largest emission category and account for 86.7 per cent of the company's total estimated emissions. Several of the construction projects completed in 2025 used low-carbon concrete.
Upstream transport and distribution includes all emissions from the transport of purchased materials from suppliers to construction sites (A4 according to TEK17) and is estimated at 392 tCO2e. This corresponds to 3.9 per cent of total greenhouse gas emissions.
Use of sold products (B2 and B4 according to TEK17) shows emissions from the replacement and maintenance of materials. This category had an estimated emission of 944 tCO2e, which constitutes 9.4 per cent of the company's total greenhouse gas emissions in 2025. The calculation period (lifetime) or design life used is 50 years, according to TEK17. The calculation is based on the emission factors specified in the materials' associated EPDs. Estimated energy consumption (B6) is not calculated for 2025, as this is not a requirement according to TEK17.
Waste from Selvaag Bolig's offices and administration is considered insignificant, and is therefore not included in the calculation for 2025. The same applies to business travel.
Greenhouse gas accounting method
The method is intended to provide a comprehensive picture of the company's climate impact by identifying and classifying emissions into the three categories Scope 1, Scope 2 and Scope 3.
Scope 2 (indirect emissions from energy supply)
Scope 2 includes indirect emissions from the company's purchase of energy such as electricity, district heating or cooling and reflects emissions from energy production. The emission factors used for electricity are based on national gross production mixes from International Energy Agency (IEA) statistics.
The location-based method is based on the actual emissions associated with the production of electricity within a specific geographical area. Within this geographical area, various energy producers operate with a combination of energy sources. According to this methodology, non-renewable sources (oil, coal, gas, etc.) directly emit greenhouse gases.
The market-based method is calculated based on the organisation's choice to purchase guarantees of origin. In cases where guarantees of origin are purchased, the supplier confirms that green energy will be produced in an amount equivalent to the amount of certificates purchased by the company. This gives an emission factor of 0 g/CO2e/kWh. Electricity for which the organisation has not purchased guarantees of origin is assigned an emission factor based on residual production. This factor is normally higher than the corresponding location-based factor and is referred to as the ‘‘residual mix’’.
Scope 3 (indirect emissions)
Scope 3 includes all other indirect emissions originating from the company’s value chain. These emissions are often more complex to identify and quantify, as they include activities outside the company’s direct control. According to GHG, Scope 3 emissions are divided into 15 categories, and Selvaag Bolig reports on the categories of purchased goods and services, upstream transport and distribution, and use of sold products.
Emissions from construction projects are the largest source of Scope 3 emissions for Selvaag Bolig, and these are calculated by the contractor in accordance with the Building Technical Regulations (TEK17) section 17-1, as described in the guide for preparing greenhouse gas accounts from the Directorate of Building Quality. Emissions from construction materials are primarily based on the products' Environmental Product Declaration (EPDs). All EPDs used were certified and valid at the time of material procurement and met the requirements for EPD and GWP factors in TEK17. According to TEK17, all materials without EPDs are given an emission surcharge of 25 per cent.
Water (VSME B6)
The company's annual water withdrawal in office premises is estimated at 531 m3. This is calculated based on the company's water consumption at the head office in Silurveien 2, and estimated for other locations.
S: SOCIAL CONDITIONS
Workforce (VSME B8, B9, B10)
Number of employees and full-time equivalents at 31 December
| 2025 | 2024 | |
|---|---|---|
| Employees | 82 | 83 |
| Full-time equivalents (FTE) | 80 | 81 |
| FTE in parent company | 56 | 56 |
| FTE in subsidiaries, incl. Sweden | 24 | 25 |
| FTE of part-time employees (minimum 40% position) | 5 | 5 |
| Employees in Sweden | 6 | 6 |
Sickness absence, turnover and employee satisfaction
| 2025 | 2024 | Goal | |
|---|---|---|---|
| Employee satisfaction | 89% | 87% | > 80% |
| Sickness absence | 5.9% | 3.0% | < 3% |
| Turnover | 12.1% | 12.8% | - |
Gender balance
| Gender balance | 2025 | 2024 | Goal | |||
|---|---|---|---|---|---|---|
| Women | Men | Women | Men | Women | Men | |
| Overall gender balance | 55% | 45% | 58% | 42% | > 40% | > 40% |
| Gender balance, part-time employees | 80% | 20% | 80% | 20% | - | - |
| Gender balance in group management | 25% | 75% | 20% | 80% | > 40% | > 40% |
| Gender balance, shareholder-elected board members | 40% | 60% | 40% | 60% | > 40% | > 40% |
| Gender balance, employee-elected members | 50% | 50% | 50% | 50% | 50% | 50% |
| Parental leave | - | 19 weeks (1 person) | 6 weeks (1 person) | 15 weeks (1 person) | - | - |
Salary
| Average fixed salary, by position (NOK 1 000) | 2025 | 2024 | ||||
|---|---|---|---|---|---|---|
| Women | Men | All | Women | Men | All | |
| All positions | 892 | 1 764 | 1 280 | 851 | 1 727 | 1 229 |
| Group management | 2 001 | 3 768 | 3 326 | 1 772 | 3 178 | 2 897 |
| Non-core activities | 636 | Only part-time | 635 | 623 | Only part-time | 617 |
All positions other than group management and non-core activities | 1 078 | 1 612 | 1 389 | 1 029 | 1 575 | 1338 |
See also the executive management remuneration report which is published on the company website www.selvaagboligasa.no for more information.
Safe workplaces
| 2025 | 2024 | Goals | |
|---|---|---|---|
| Suppliers mapped against social criteria | 100% | 100% | 100% |
| Number of construction sites/projects | 12 | 10 | - |
| Lost-time injuries per million hours worked | 2.4 | 1.0 | 0 |
| Recordable injuries per million hours worked | 7.8 | 18.3 | - |
| Fatal accidents | 0 | 0 | 0 |
G: GOVERNANCE
Convictions and fines for corruption and bribery (VSME B11)
The company has not been convicted or fined for corruption or bribery in 2025.
TABLE OF CONTENTS VSME
| Topic | Chapter in report | Comment |
|---|---|---|
| BASIC MODULE | ||
| General information | ||
| B1 – Basis for preparation | Sustainability in Selvaag Bolig: About the sustainability report Appendix: Details on ESG Basis for preparation (B1) | Covered in the sustainability chapter with details in the ESG appendix. |
| B2 – Practices, policies and future initiatives for transitioning towards a more sustainable economy | Sustainability in Selvaag Bolig: About the sustainability report | Described in sustainability chapter. Goals for the different areas described under each subchapter. |
| Environmental metrics | ||
| B3 – Energy and greenhouse gas emissions | Sustainability in Selvaag Bolig: Climate and Environment (E) – Energy and greenhouse gas emissions Appendix: Details on ESG – Greenhouse gas accounts 2025 and Energy | Greenhouse gas emissions and main energy sources are described in the sustainability chapter on Environment (E). Detailed methodology for greenhouse gas emissions and estimates of energy consumption are described in the ESG appendix. |
| B4 – Pollution of air, water and soil | Sustainability in Selvaag Bolig: Climate and environment (E) – Air, water and soil pollution | The company's significant impact is described in the sustainability chapter. |
| B5 – Biodiversity | Sustainability in Selvaag Bolig: Climate and environment (E) – Biodiversity | The company's significant impact is described in the sustainability chapter. |
| B6 – Water | Sustainability in Selvaag Bolig: Climate and environment (E) – Water and Appendix: Details on ESG | Direct water consumption from the company's offices is considered immaterial. Estimates for water consumption are nevertheless included in the ESG appendix. |
| B7 – Resource use, circular economy and waste management | Sustainability in Selvaag Bolig: Climate and environment (E) – Resource use, circular economy and waste management | The company's principles for circular economy are described in the sustainability chapter, as well as figures on waste from construction sites. |
| Social metrics | ||
| B8 – Workforce – General characteristics | Sustainability in Selvaag Bolig: Social conditions (S) - Workforce Appendix: Details on ESG – Workforce (B8, B9, B10) | Key information is described in the sustainability chapter. Further details about the workforce can be found in the ESG appendix. |
| B9 – Workforce – Health and safety | Sustainability in Selvaag Bolig: Social conditions (S) - Workforce Appendix: Details on ESG – Workforce (B8, B9, B10) | Key information is described in the sustainability chapter. Further details on the workforce can be found in the ESG appendix. Health and safety in the value chain is discussed in the chapter on safe construction sites. |
| B10 – Workforce – Remuneration, collective bargaining and training | Sustainability in Selvaag Bolig: Social conditions (S) - Workforce Appendix: Details on ESG – Workforce (B8, B9, B10) | Key information is described in the sustainability chapter. Further details on the workforce can be found in the ESG appendix. See also the Executive remuneration report on the company's website. |
| Governance metrics | ||
| B11 – Convictions and fines for corruption and bribery | Appendix: Details on ESG – Governance (G) | No convictions, mentioned in the ESG appendix. |
| COMPREHENSIVE MODULE | ||
| C1 – Strategy: Business model and sustainability – Related initiatives | Business description Sustainability in Selvaag Bolig: Strategy | General business model is described in the first chapters of the annual report. Sustainability strategy is described in the sustainability chapter. |
| C2 – Description of practices, policies and future initiatives for transitioning towards a more sustainable economy | Sustainability in Selvaag Bolig | Routines, policies and goals are described overall in the routine section of the sustainability chapter. Further details can be found in each subchapter for each area. |
| C3 – GHG reduction targets and climate tranision | Sustainability in Selvaag Bolig: Climate and Environment (E) – Energy and greenhouse gas emissions Appendix: Details on ESG – Greenhouse gas accounts 2025 | Goals and measures for greenhouse gas emissions and climate change are described in the sustainability chapter and are further detailed in the ESG appendix. |
| C4 – Climate risk | Sustainability in Selvaag Bolig: Climate and environment (E) – Climate risk and Note 28 Climate risk | Described in the sustainability chapter and in the notes to the consolidated financial statements. |
| C5 –Additional (general) workforce characteristics | Sustainability in Selvaag Bolig: Social conditions (S) - Workforce | Proportion of women in management and among middle managers reported in the sustainability chapter. |
| C7 – Severe negative human rights incidents | No incidents | |
| C8 – Revenues from certain sectors and exclusion from EU reference benchmarks | No income from the specified sectors | |
| C9 – Gender diversity ratio in the governance body | Sustainability in Selvaag Bolig: Social conditions (S) - Workforce | Disclosed in the sustainability chapter |